The Stock Exchange of Hong Kong have approved CMON’s application to transfer from its current listing on the GEM market to the main exchange. The transfer will not involve any issue of new CMON shares.
The company first applied for the transfer in July 2018, but was unable to fulfill the requirements. It renewed the application in April, and then again in October of this year. Trades on the new market will begin on November 19.
The company believes that a listing on the main exchange will enhance its brand and product awareness, which will help expand its sales and marketing capabilities. It also hopes to strengthen shareholder confidence.
CMON have asked for a waiver that normally requires a company to have a management presence in Hong Kong.
The company will also change the way it releases financial reports to meet the standards of the main board. The new stock code will be 1792.